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Nonetheless, total domestic product demand is very good, and exports remain robust. Gasoline inventories are above last year at this time, as we head into driving season.

As of 11:25 am CST, April NYMEX WTI was down $1.68/bbl at $60.92/bbl; April gasoline fell 3.22 cpg to 190.09 cpg; and March diesel dropped 3.64 cpg to 186.09 cpg.

Crude inventories rise 2.4 million barrels

The US Energy Information Administration statistics for the week ending March 2 showed a 2.4 million barrel increase in commercial crude inventories to 425.9 million barrels (“in the lower half of the average range,” per the EIA).

Domestic crude oil production was put at 10.369 million b/d, up 86,000 for the week, and up 1.281 million versus the same period last year.

Imports of crude were up 721,000 b/d to 8.0 million on the week. Over the past four weeks, crude imports averaged 7.5 million b/d, down 4.2% compared to last year at this time.

Total gasoline imports were put at 608,000 b/d, up from 406,000 last week; for the same period last year the figure was 242,000. Distillate imports were 265,000 b/d, up from 207,000 on the week; the figure for last year was 266,000 b/d (typically the US imports products to the US East Coast and exports from the US Gulf Coast).

Total product demand rises 3.4%

Total product demand over the past four weeks was put at 20.3 million b/d, up 3.4% versus the same period last year.

Total gasoline inventories (including blendstocks) were down 800,000 barrels to 251.0 million (“in the upper half of the average range”), but 1.7 million above last year. Gasoline demand was 9.0 million b/d over the past four weeks, up 3.3% from the same period last year.

Distillate stocks totaled 137.4 million barrels (in the middle of the average range”), lower by 600,000 compared with last week, and 24.1 million below last year. Distillate demand over the past four weeks was 4.0 million b/d, up 0.6% compared with the same period last year.

Propane stocks fall 1.6 million barrels

Propane/propylene inventories on the week were 41.1 million barrels (“in the lower half of the average range”), down 1.6 million on the week, and lower by 4.1 million versus last year.

Total US refinery crude inputs on the week averaged 15.9 million b/d, higher by 53,000, to 88.0% of capacity, higher by 0.2 percentage points. In PADD 3 (the Gulf Coast) runs were up 0.8 percentage points to 87.8%.

Also, net exports of all products were put 2.321 million b/d, off 80,000 for the week, still a healthy number. The US typically needs to export products to keep inventories manageable.

While domestic gasoline demand was put at 9.0 million b/d, total gasoline production came in at 9.923 million. Distillate demand was 4.0 million b/d, production at 4.596 million.

Crude exports rise 53,000 barrels

Exports of crude oil were 1.445 million b/d, off from 1.455 million last week; one year ago the figure was 897,000. -- Robert Sharp